Solis Minerals announced that it has entered into an option agreement to acquire the 500-ha Mina Vermelha Li-pegmatite project located in Brazil. The project hosts at least six pegmatite outcrops identified over a 2km strike, where grab samples have returned up to 3.45% Li2O and 28.3% Cs. Additionally, Solis announced that it has relinquished its interest in the Jaguar project, due to a lack of conclusive exploration results. We are encouraged to see the company entering into additional agreements and adding to its portfolio of lithium pegmatite projects in Brazil. We believe management is growing its portfolio in a prudent manner, disbursing payments only once it has confirmed the potential scale of a project. With a 12-month due diligence period locked in for A$155k, the company has enough time to test the outcropping pegmatites at Mina Vermelha (compared to the 90 days it had with the Jaguar agreement). In addition to drilling at Mina Vermelha, a geochemical sampling program is also underway at its 100%-owned Borborema project, to identify targets for a future drill program.
Peninsula Energy Ltd. (ASX:PEN, OTCQB:PENMF) – Lance – Spearheading Emergence of New US Uranium Production
We initiate Peninsula Energy coverage with a BUY rating and A$0.25 target price. PEN has near-term uranium production potential at it’s Lance...
